Small businesses promised grants amid wage increase concerns
Amid concerns about how the government’s minimum wage increase will affect micro businesses, Minister of Labour and Financial Services Lorna Smith has announced that the government will offer grants to small businesses as financial support.
Minister Smith made this announcement during an online forum on July 15 to address public concerns about the government’s decision to increase the territory’s minimum wage from $6 per hour to $8.50 by the end of November.
While the increase has been described as a positive and well-intentioned initiative, many individuals have expressed apprehension about its impact, particularly considering other factors such as the cost of goods and services in the BVI, and how it will affect small business owners’ ability to operate.
Smith, who is also Deputy Premier, noted that the tourism industry, specifically positions like waiters and dishwashers, could be particularly affected by the wage increase. She pledged the government’s support to the micro businesses that may struggle during the transition.
“The thing that smaller businesses rely on most would be finance. The government, for instance, has an amount for small business grants that have not come on stream as yet, but I expect any day that this will happen,” Smith stated.
The Deputy Premier said the small business grants will provide crucial financial support to micro businesses.
Following a business banking expo Smith hosted earlier this year, she also mentioned that banks are an option for financial support. “I have to say that the banks are delivering. I had a review meeting with them, and in all cases, they have agreed to assist small businesses,” Smith said.
“In terms of the small businesses, the government is committed to doing whatever is needed to make sure that there are no layoffs,” she added.
She acknowledged that while many in the community are apprehensive about the increase and may not be able to buy everything they need, it will ultimately allow for more purchasing power, making it a ‘win-win.’
The last minimum wage increase occurred in October 2016, rising from $4 per hour to $6 per hour under the previous National Democratic Party administration.
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In VIP incompetent style they now come back to clean up their mess. The cart was put before the horse. Wouldn’t it had made more sense to give the businesses the grants and access to loans first before giving the increase? Wouldn’t it have made sense to do things to improve the cost of living first? The increase would have better benefitted the recipients if those things were done in advance. Only because they’re getting sensible push back that they are now coming with this. There was next to no money budgeted for the small businesses. Another PR stunt to save face
There she goes again, the 70 yr Wonder Gurl just figuring it out on the fly. In trying to get votes she sinking the economy. Luarna, stay home, eat some oat meal and get a nap
She learn how to bluff by being around Lavity
Banks are delivering what Lorna? If you have a small business you cannot get a loan from the bank unless you bring some form of collateral whether real estate or cash. You have no idea what you’re talking about. Banks delivering my tailpart!
Not true. Republic Bank is currenlty offering unsecured loans with a very relaxed process for up to $12k. Try applying now!
Please don’t get roped in by this bank. They will rape your account with all their fees. This bank only knows how to fleece people. Leave them with their loans please. Try another bank. Banking Regulators need to send this bank packing fortwith!
everywhere you go, everybody is laughing, mocking, teasing, ridiculing and mocking and making fun of everyone. all people are doing is making others a public laughing stock. the general public insult embarrass humiliate and degrade everyone around them.
This is so a$$ backwards that I find it really hard to believe!
So, in an increasingly bad economy you raise minimum wage (which I do not have issues with), and the solution Government offers is to give grants to small business? Is this from the increased taxes you get from the minimum wage hikes? Ironically, causing business hardship by raising minimum wage, taking the extra taxes you get from the minimum wage hike, and then sending them back to the businesses you’ve caused to struggle, so they can survive short term and pay said staff the new wages, and then what ………..?
Does no one in leadership have any economic sense?
The only benefactor of a singular minimum wage rise is Government and its increased tax collection. Those that get minimum wage will see no benefit because business as a whole must compensate costs. That means universally, and for all of us, costs will increase, and prices will rise. Cause and effect!
So, in all of this, Government is the only benefactor of a minimum wage hike – ironic?
There has been no thought, no adjusting tax rates for lower wage benefits, no consideration on import duties for common household goods and foods, no consideration to price control or consumer protection protocols for any such tariff adjustments, nothing has been done at all – no thought whatsoever! That comes from a government dominated minimum wage review committee that only sees employees as victims of merciless capitalist pigs. Each and every private sector member voiced their opinions and collective thoughts, but it was largely government employees on the committee that ruled the day. Wanting to be heroes of a cause they knew nothing about and had little care for the outcome other than how the ‘package’ was presented and wrapped!!
In an economy such as this it is in government’s best interest to stimulate, not stifle. How our leaders think that a singular move such as a minimum wage hike can be applied without an equally cause and effect is crazy!
So, to be clear – a minimum wage hike is not the issue here. The point is that such a raise cannot be done by itself. It looks good to those that don’t know and even demand more than the current proposed minimum wage, but the fallout from his, especially in the current economy, will be further hardship and failure for ALL involved – employees and employers! Even Government, at some point, will come to the understanding that this singular move may well benefit the public purse short term, the long-term outlook will have a cooling of the entire economy unless something is done.
Free handouts to businesses that Government has caused to struggle is not the answer Honorable Deputy Premier, if you pulled your head out of your a$$ you’d understand that!
1465-69-71 bushwick avenue brooklyn new york created covid-19 virus and corona virus and economic and financial destruction globally. $12,000 was destroyed at valencia college in orlando florida and $15,000 was destroyed at seminole state college in sanford florida and there is a problem with the doctors and nurses
Please remember to take your meds before talking piss on this forum. When was the last time you saw your physician? Perhaps, you might be better helped by our Almighty God. Give it a rest, na. We are tired of reading your nonsense.
the healthcare profession and the medical profession has created covid-19 virus and corono virus and rising cost of living and homelessness and poverty globally
there is the catch
Everything is so complex.
Let the governor & government deliver to grant us access to grow cannabis legally.
Let the public grow it in every yard for whoever wants to put the effort in to plant it alongside back yard or container gardening as the requirement.
Instead of complaints and regulating about IMPORTED FOOD prices in the supermarket which is out of our control, focus on what you can control… increasing the supply of local food.
The imported food is bad quality down right rotten but the majority are forced to buy it.
Create food only market areas for supplementary economic relief. Craft only market in tourist areas.
Resume writing, judgment, waiting, going to the bank, judgement, waiting.
We need avenues for people who want money today & that is where we fall short.
The island is nearly a desert with the heat, if someone need a fan out of budget what they do besides beg.
When people need money, they need it now, especially if others depend on them for survival.
Provide avenues for direct sales.
let those who need to get money by their effort, without a boss’s or review panel approval, persons spend what they dont have to prepare for a chance of a job or a promise of a loan.
This system we’ve created & way of life we adopted is bordering on demonic.
By the scarcity of resources which the city life provides people prey on each other for survival. Quality of life declines when there are no fruit to pick, animals to catch, no fish and no affordable shelter.
We are not there yet except in housing, but government & governor dont seem interested in dialing back to a more relaxed inclusive society. Improving our natural food stocks by teaching people to sustainably farm, forage & protect them.
Its Seagrape & almond season. Before flying away look at what is here & what we can produce without a loan.
Is it better to be poor or have a $1m loan on a timer pressurizing daily life? I’d rather be poor & free.
too much aggressiveness
watch dem big business that was alrdy killing we
get grants from the family and friends in high places
Giving “grants” to small businesses or anyone is just wrong.
Business is not easy and not all will succeed, but many do well without assistance because they have a good product or service, focus on meeting a client’s needs and delivering quality on time. Simple business skills that no amount of grants will fix if those skills are not in place.
Increasing the minimum wage was the right thing to do. If a business cannot bear this additional cost, then they are relying upon low-skilled workers who probably cannot improve anyway. Good employers have good workers who were already getting above the mnimum because they deserved it.
NO to Grants. We see what problems they had in the past. Don’t go there.
This is notthesolution to the price raising/goging and minimum wage increase.
They will take the grannts then they will attack the population’s check.
I can’t wait to apply for a grant for my small business!
A great initiative to pump some funds into the economy!
Any business paying their staff as little as $8.50 an hour deserves to go out of business. As a small business owner I think of others not just myself. Minimum wage should, in consideration of living costs, be around $15. So much greed and egotism and lack of responsibility shown to our community by those who think otherwise. Take, take take…
Any business paying their staff as little as $8.50 an hour deserves to go out of business. As a small business owner I think of others not just myself. Minimum wage should, in consideration of living costs, be around $15. So much greed and egotism and lack of responsibility shown to our community by those who think otherwise. Take, take take…
If you can’t afford to pay your staff $8.50 an hour then maybe being a business owner just isn’t for you.
Ah. Grant perfect. Another $40 million give away to friends and family. Hands up if you hqve a friend or relative in the HOA or fish or farm or think you might like to think about fishing or farming, or dreamt about it once. All you need is a large bag. Cash this time, all those checks and records were too revealing last time.
It is not a business if you can only make your big profit by exoloitung others. Ask about people in the past that were exploited for profit. That business model is morally bankrupt, as it was before.
Let’s stop the crap , gaslighting, pissing on us telling us it is raining. If the story is true , who do businesses fooling? They are taking us for damn fools. Here is the real deal . Businesses don’t have to wait for government to pay employees a fair, living wage, if they had compassion, concerns for the wellbeing of their employees and their families.,They don’t give a rat’s ass about employees; they are happy exploiting them. They are happy maximizing profit, living large on the backs of employees. Cannot believe Lorna bought that crap from businesses, getting a 6 for 9 or she just pretending, pulling the wool over our eyes..The so call committee recommended $9.00 but government/cabinet went for $8.5. What the F!! Here is a news flash neither $8.5 nor $9 is a living wage..Government behaving as if paying $9 per hour makes employees crazy rich, thrusting them over the poverty level. This whole thing is a farce , an insult.
Raising the minimum wage is a crucial step towards ensuring economic justice and equality in modern society. The proposed minimum wage falls short of meeting the basic needs of workers, leading to economic insecurity and perpetuating cycles of poverty. The historical context of exploitation, that takes us back to colonial and plantation times, is evident in the continuing struggle of low-wage workers who face inadequate compensation for their labor.
One of the primary arguments for a higher minimum wage is the need to provide workers with a livable income. Many minimum-wage earners work full-time yet struggle to afford necessities such as housing, healthcare, and education. This financial strain leads to increased reliance on social services, essentially subsidizing low wages with taxpayer money. A higher minimum wage would enable workers to achieve economic security and live with dignity, reducing their dependence on government assistance programs.
Workers receive a disproportionately small share of economic gains. This disparity mirrors the exploitative dynamics of colonial times, where a small elite benefited immensely from the labor of many. By raising the minimum wage, we can ensure a more equitable distribution of wealth, fostering a fairer society where everyone has the opportunity to prosper.
When workers have more disposable income, they are likely to spend it in their local communities, benefiting small businesses and boosting the overall economy. This positive feedback loop can lead to job creation and a more robust economic environment, countering arguments that higher wages would harm businesses.
It is morally and ethically indefensible to allow individuals to work hard and still live in poverty.
Raising the minimum wage is not just an economic necessity; it is a moral imperative to rectify historical and ongoing injustices.